Managing Recession Risk

Ali Kakhbod¹, Dmitry Livdan¹, Max Reppen², Tarik Umar³

1: UC Berkeley; 2: Boston University; 3: Rice University

Government Debt Management and Inflation with Real and Nominal Debt

Lukas Schmid¹, Vytautas Valaitis², Alessandro Villa³

1: USC Marshall School of Business; 2: University of Surrey; 3: Federal Reserve Bank of Chicago

How Does ESG Shape Consumption?

Joel Houston¹, Chen Lin², Hongyu Shan³, Mo Shen⁴

1: University of Florida; 2: University of Hong Kong; 3: China Europe International Business School; 4: Auburn University

Who Pays For Your Rewards? Redistribution in the Credit Card Market

Sumit Agarwal¹, Andrea Presbitero², Andre F. Silva³, Carlo Wix³

1: National University of Singapore; 2: International Monetary Fund and CEPR; 3: Federal Reserve Board

The Economics of Mutual Fund Marketing

Jane Chen¹, Wenxi Jiang², Mindy Z. Xiaolan³

1: Department of Finance, London School of Economics; 2: CUHK Business School, The Chinese University of Hong Kong; 3: McCombs School of Business, the University of Texas at Austin

Regulating Clearing in Networks

Pablo D'Erasmo², Selman Erol¹, Guillermo Ordoñez³

1: Carnegie Mellon University - Tepper School of Business; 2: Federal Reserve Bank of Philadelphia; 3: University of Pennsylvania and NBER

Declining Business Formation and the Rise of Superstar Firms

Victor Lyonnet¹, Jack Liebersohn², Maxime Bonelli³

1: Ohio State University; 2: University of California at Irvine; 3: HEC Paris

Investor Memory and Biased Beliefs: Evidence from the Field

Zhengyang Jiang¹, Hongqi Liu², Cameron Peng³, Hongjun Yan⁴

1: Northwestern Kellogg; 2: CUHK Shenzhen; 3: LSE; 4: Depaul

The Demand for Long-Term Mortgage Contracts and the Role of Collateral

Lu Liu

University of Pennsylvania

Market Feedback: Evidence from the Horse’s Mouth

Itay Goldstein¹, Bibo Liu², Liyan Yang³

1: University of Pennsylvania; 2: Tsinghua University; 3: University of Toronto

What do Bond Investors Learn from Macroeconomic News?

Bruno Feunou², Jean-Sebastien Fontaine², Guillaume Roussellet¹

1: McGill University -- Desautels Faculty of Management; 2: Bank of Canada

The Cost of ESG Investing

Laura Lindsey, Seth Pruitt, Christoph Schiller

Arizona State University

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Bo Bian¹, Xinchen Ma², Huan Tang³

1: University of British Columbia; 2: London School of Economics; 3: London School of Economics; CEPR

Return Expectations and Portfolios: Evidence from Large Asset Managers

Magnus Dalquist¹, Markus Ibert²

1: Stockholm School of Economics; 2: Copenhagen Business School

Market Power in the Securities Lending Market

Shuaiyu Chen², Ron Kaniel¹, Christian Opp¹

1: University of Rochester; 2: Purdue University

Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs

Jing Xue

University of Maryland

What Drives Stock Prices in a Bubble?

Shushu Liang

Harvard University

Who bears flood risk? Evidence from mortgage markets in Florida

Parinitha Rajalakshmi Sastry

Columbia Business School

Oligopoly dynamics with financing frictions

Ulrich Doraszelski, Joao Gomes, Felix Nockher

The Wharton School

Intermediary Balance Sheets and the Treasury Yield Curve

Wenxin Du¹, Benjamin Hebert², Wenhao Li³

1: University of Chicago; 2: Stanford University; 3: University of Southern California

Socially Responsible Divestment

Alex Edmans¹, Doron Levit², Jan Schneemeier³

1: London Business School; 2: University of Washington; 3: Indiana University

Bank Technology Adoption and Loan Production in the U.S. Mortgage Market

Sheila Jiang¹, Jose Ignacio Cuesta², Douglas Xu¹, Adam Jorring³

1: University of Florida; 2: Stanford University; 3: Boston College

Global Fund Flows and Emerging Market Tail Risk

Karlye Dilts Stedman¹, Anusha Chari², Christian Lundblad³

1: Federal Reserve Bank of Kansas City; 2: University of North Carolina at Chapel Hill; NBER; CEPR; 3: University of North Carolina at Chapel Hill

Intermediary Market Power and Capital Constraints

Milena Wittwer¹, Jason Allen²

1: Boston College; 2: Bank of Canada

Safety Nets, Credit, and Investment: Evidence from a Guaranteed Income Program

Pulak Ghosh², Nishant Vats¹

1: University of Chicago Booth School of Business; 2: Indian Institute of Management Bangalore

Psychological Distance and Subjective Beliefs

Harjoat Singh Bhamra¹, Raman Uppal², Johan Walden³

1: Imperial College Business School; 2: EDHEC; 3: UC Berkeley, Haas

Forbearance vs. Interest Rates: Tests of Liquidity and Strategic Default Triggers in a Randomized Debt Relief Experiment*

Deniz Aydın

WashU

Financial Integration through Production Networks

Indraneel Chakraborty¹, Saketh Chityala², Apoorva Javadekar³, Rodney Ramcharan⁴

1: University of Miami; 2: University of Colorado, Boulder; 3: Indian School of Business; 4: University of Southern California

Monetary Policy and the Maturity Structure of Public Debt

Michele Andreolli

London Business School

Green Investors and Green Transition Efforts: Talk the Talk or Walk the Walk?

Shuang Chen

Swiss Finance Institute and Università della Svizzera italiana

Financial Frictions and Human Capital Investments

Menaka Hampole

Northwestern University

Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns

Marco Di Maggio¹, Francesco Franzoni², Shimon Kogan³, Ran Xing⁴

1: Harvard Business School; 2: USI Lugano; 3: Reichman University and The Wharton School; 4: Stockholm University

Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?

Kunal Sachdeva¹, André Silva², Pablo Slutzky³, Billy Xu¹

1: Jesse H. Jones Graduate School of Business, Rice University; 2: Board of Governors of the Federal Reserve System; 3: Robert H. Smith School of Business, University of Maryland

Entrepreneurs’ Diversification And Labor Income Risk

Jan Bena¹, Andrew Ellul², Marco Pagano³, Valentina Rutigliano¹

1: University of British Columbia; 2: Indiana University; 3: University of Naples

Model-Free Mispricing Factors

Lars A. Lochstoer¹, Paul C. Tetlock²

1: UCLA; 2: Columbia Business School

Printing Away the Mortgages: Fiscal Inflation and the Post-Covid Housing Boom

William Diamond¹, Tim Landvoigt², German Sanchez Sanchez¹

1: University of Pennsylvania; 2: University of Pennsylvania and NBER

Appropriated Growth

Yuchen Chen¹, Xuelin Li², Richard Thakor¹, Colin Ward¹

1: University of Minnesota; 2: University of South Carolina

Risk-Free Rates and Convenience Yields Around the World

William Diamond¹, Peter Van Tassel²

1: University of Pennsylvania; 2: Federal Reserve Bank of New York

Do Carbon Prices Affect Stock Returns?

Patrick Bolton^1,2,3, Adrian Lam⁴, Mirabelle Muuls^2,5

1: Imperial College London; 2: CEPR; 3: NBER; 4: University of Amsterdam; 5: NBB

Measuring the Impact of Remote Work Using Big Data

Alan Kwan¹, Ben Matthies²

1: University of Hong Kong; 2: University of Notre Dame

Choosing Pension Fund Investment Consultants

Irina Stefanescu¹, Aleksandar Andonov^2,3, Matteo Bonetti⁴

1: Board of Governors of the Federal Reserve System; 2: University of Amsterdam; 3: CEPR; 4: De Nederlandsche Bank

The Limits of Multi-Dealer Platforms

Chaojun Wang

The Wharton School, University of Pennsylvania

Market Integration, Risk-Taking, and Income Inequality

Lin William Cong¹, Ron Kaniel², Yizhou Xiao³

1: Cornell University; 2: University of Rochester; 3: The Chinese University of Hong Kong

Memory Moves Markets

Constantin Charles

University of Southern California

Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement

Seongjin Park¹, Arkodipta Sarkar², Nishant Vats¹

1: Booth School of Business, University of Chicago; 2: National University of Singapore

Is Asset Demand Elasticity Set at the Household or Intermediary Level?

Ehsan Azarmsa¹, Carter Davis²

1: University of Oklahoma, Price College of Business; 2: Indiana University, Kelly School of Business

Cryptocurrency Investing: Stimulus Checks and Inflation Expectations

Darren Aiello², Scott Baker³, Tetyana Balyuk⁴, Marco Di Maggio¹, Mark J. Johnson², Jason Kotter², Emily Williams¹

1: Harvard Business School; 2: Brigham Young University; 3: Northwestern University; 4: Emory University

Financing Cycles

Thomas Geelen^1,2, Jakub Hajda³, Erwan Morellec^4,5,6, Adam Winegar⁷

1: Copenhagen Business School; 2: Danish Finance Institute; 3: HEC Montreal; 4: EPF Lausanne; 5: Swiss Finance Institute; 6: CEPR; 7: BI Norwegian Business School

Risky Business Cycles

Susanto Basu¹, Giacomo Candian², Ryan Chahrour³, Rosen Valchev¹

1: Boston College; 2: HEC Montreal; 3: Cornell University

Investments that Make our Homes Greener: The Role of Regulation

Lakshmi Naaraayanan³, Joao Cocco², Nuno Clara¹, Varun Sharma⁴

1: Duke University; 2: London Business School and CEPR; 3: London Business School; 4: Nanyang Technological University

CLASSIFIED BOARDS: ENDANGERED SPECIES OR HIDING IN PLAIN SIGHT?

Tingting Liu¹, Scott Guernsey², Feng Guo¹, Matthew Serfling²

1: Iowa State University; 2: University of Tennessee

Horizon Effects in the Pricing Kernel: How Investors Price Short-term versus Long-term Risks

Joost Driessen¹, Joren Koëter², Ole Wilms¹

1: Tilburg University; 2: Rotterdam School of Management, Erasmus University

The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance

Chao Ying

CUHK Finance

Systemic Risk in Financial Networks Revisited: The Role of Maturity

Jason Roderick Donaldson¹, Giorgia Piacentino², Xiaobo Yu³

1: WashU and USC; 2: Columbia and USC; 3: Columbia

The Disappearing Index Effect

Robin Greenwood, Marco Sammon

Harvard Business School

Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem

William Lin Cong¹, Ke Tang², Yanxin Wang³, Xi Zhao³

1: Cornell University SC Johnson College of Business and NBER; 2: Institute of Economics, School of Social Science, Tsinghua University; 3: School of Management, Xi'an Jiaotong University

When Is (Performance-Sensitive) Debt Optimal?

Pierre Chaigneau¹, Alex Edmans², Daniel Gottlieb³

1: Queen's University; 2: LBS; 3: LSE

Pricing and Constructing International Government Bond Portfolios

Otto Randl, Giorgia Simion, Josef Zechner

WU Vienna University of Economics and Business

Corporate Social Responsibility and Employee Retention

Xiao Cen¹, Yue Qiu², Tracy Wang³

1: Texas A&M University; 2: Temple University; 3: University of Minnesota

Board Interlocks, Knowledge Spillovers, and Corporate Innovation

Joanna Wang¹, Mark Chen¹, Sophia Hu², Qinxi Wu²

1: Georgia State University; 2: Baylor University

Risk preferences implied by synthetic options

Ian Dew-Becker¹, Stefano Giglio²

1: Northwestern University; 2: Yale University

Time Trumps Quantity in the Market for Lemons

William Fuchs¹, Piero Gottardi², Humberto Moreira³

1: UT Austin / UC3M; 2: University of Essex; 3: FGV

Bank Funding Risk, Reference Rates, and Credit Supply

Harry Cooperman¹, Darrell Duffie¹, Stephan Luck², Zachry Wang¹, Yilin David Yang³

1: Stanford; 2: Federal Reserve Bank of New York; 3: City University of Hong Kong

Asset Demand of U.S. Households

Ralph Koijen¹, Xavier Gabaix², Federico Mainardi¹, Sangmin Oh¹, Motohiro Yogo³

1: Chicago Booth; 2: Harvard University; 3: Princeton University

Automated Market Making and Loss-Versus-Rebalancing

Jason Milionis¹, Ciamac C. Moallemi¹, Tim Roughgarden², Anthony Lee Zhang³

1: Columbia University; 2: Columbia University Graduate School of Business; 3: University of Chicago Booth School of Business

Debt Maturity Management

Yunzhi Hu¹, Felipe Varas², Chao Ying³

1: UNC; 2: DUKE; 3: CUHK Finance

The Co-movement Puzzle

Dmitry Kuvshinov

Universitat Pompeu Fabra

Unlocking ESG Premium from Options

Jie Cao¹, Amit Goyal², Xintong Zhan³, Weiming Zhang⁴

1: The Hong Kong Polytechnic University; 2: University of Lausanne and Swiss Finance Institute; 3: Fudan University; 4: IE University

The Rise of Anti-Activist Poison Pills

Ofer Eldar¹, Tanja Kirmse², Michael Wittry³

1: Duke University; 2: Drexel University; 3: Ohio State University

Measuring Time-Varying Disaster Risk: An Empirical Analysis of Dark Matter in Asset Prices

Matthew Baron¹, Wei Xiong², Zhijiang Ye²

1: Cornell University; 2: Princeton University

The Market for ESG Ratings

Ehsan Azarmsa¹, Joel Shapiro²

1: University of Oklahoma, Price College of Business; 2: University of Oxford, Said Business School

Disclosure of Bank-Specific Information and the Stability of Financial Systems

Liang Dai¹, Dan Luo², Ming Yang³

1: Shanghai Jiao Tong University; 2: Chinese University of Hong Kong and University of Chicago; 3: UCL

Capital Concentration of the Bond Fund Industry and Bond Market Fragility

Yong Chen¹, Mengqiao Du², Zheng Sun³

1: Texas A&M University; 2: National University of Singapore; 3: University of California, Irvine

Bank Competition amid Digital Disruption: Implications for Financial Inclusion

Jinyuan Zhang¹, Erica Jiang², Gloria Yu³

1: UCLA; 2: USC; 3: Singapore Management School

Signalling with Debt Currency Choice

Egemen Eren¹, Semyon Malamud², Haonan Zhou³

1: Bank for International Settlements; 2: EPFL; 3: Princeton

Investor Betas

Ryan Lewis¹, Shrihari Santosh², Lorenzo Bretscher³

1: University of Colorado; 2: University of Maryland; 3: University of Lausanne

Externalities of Responsible Investments

Alessio Piccolo¹, Jan Schneemeier¹, Michele Bisceglia²

1: Indiana University, Kelley School of Business; 2: Toulouse School of Economics

Control Without Ownership: Governance of Nonprofit Hospitals

Katharina Lewellen¹, Gordon Phillips², Giorgo Sertsios³

1: University of Wisconsin Milwaukee; 2: Dartmouth College, Tuck Business School; 3: University of Wisconsin Milwaukee

Option-Implied Spreads and Option Risk Premia

Christopher Culp³, Mihir Gandhi², Yoshio Nozawa¹, Pietro Veronesi²

1: University of Toronto; 2: University of Chcago; 3: John Hopkins Institute for Applied Economics

Valuing Financial Data

Maryam Farboodi¹, Dhruv Singal², Laura Veldkamp³, Venky Venkateswaran⁴

1: MIT, NBER; 2: Columbia University; 3: Columbia University and NBER; 4: NYU Stern School of Business, Federal Reserve Bank of Minneapolis and NBER

The Value of Lending Relationships

Andrew Bird¹, Michael Hertzel², Stephen Karolyi³, Thomas Ruchti⁴

1: Chapman University; 2: Arizona State University; 3: OCC, Dept. of Treasury; 4: OFR, Dept. of Treasury

Correlated Demand Shocks and Asset Pricing

Byungwook Kim

The Ohio State University

Finance in a Time of Disruptive Growth

Nicolae Garleanu¹, Stavros Panageas²

1: Washington University, St. Louis; 2: University of California Los Angeles

Can information imprecision be valuable? The case of credit ratings

Sonny Biswas¹, Kostas Koufopoulos², Anjan Thakor³

1: University of Bristol Business School; 2: Department of Economics and Related Studies, University of York; 3: Olin Business School, Washington University in St. Louis

Monetary Policy and the Equity Term Structure

Benjamin Golez¹, Ben Matthies²

1: University of Notre Dame; 2: University of Notre Dame

Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress

Viral V Acharya¹, Tim Johnson², Suresh Sundaresan³, Tuomas Tomunen⁴

1: New York University Stern School of Business, CEPR, ECGI and NBER; 2: University of Illinois Urbana-Champaign; 3: Columbia Business School; 4: Boston College Carroll School of Management

Does Mandating Women on Corporate Boards Backfire?

Bo Bian¹, Kai Li¹, Jingjing Li²

1: University of British Columbia; 2: University of Virginia

Arbitrage Bounds on Cross Currency Options

Pasquale Della Corte¹, Roman Kozhan², Anthony Neuberger³

1: Imperial College London; 2: University of Warwick; 3: City, University of London

Open Banking and Customer Data Sharing: Implications for FinTech Borrowers

Rachel J. Nam^1,2

1: Goethe University Frankfurt; 2: Leibniz Institute for Financial Research SAFE

Gender, performance, and promotion in the labor market for commercial bankers

Marco Ceccarelli¹, Chistoph Herpfer², Steven Ongena^3,4,5,6,7

1: Maastricht University; 2: Emory University, Goizueta Business School; 3: University of Zurich; 4: Swiss Finance Institute; 5: KU Leuven; 6: NTNU; 7: CEPR

Bank Presence and Health

Kim Fe Cramer

LSE

Size, returns and value added: Do private equity firms allocate capital according to manager skill?

Reiner Braun¹, Nils Dorau¹, Tim Jenkinson², Daniel Urban³

1: Technical University of Munich; 2: Oxford University; 3: Erasmus University Rotterdam

Missing Financial Data

Svetlana Bryzgalova^1,5, Sven Lerner², Martin Lettau^3,4,5, Markus Pelger²

1: London Business School; 2: Stanford University; 3: Haas School of Business, Berkeley; 4: NBER; 5: CEPR

Data and Welfare in Credit Markets

Mark Jansen¹, Fabian Nagel², Constantine Yannelis², Anthony Lee Zhang²

1: Utah Eccles School of Business; 2: University of Chicago Booth School of Business

Seizing Opportunities: Businesses, Social Capital, and Banks

Vojislav Maksimovic, Sophia Xue, LIU Yang

University of Maryland

Short Covering

Jesse Blocher¹, Xi Dong², Matthew Ringgenberg³, Pavel Savor⁴

1: Vanderbilt University; 2: Baruch College, CUNY; 3: University of Utah; 4: DePaul University

Would Order-By-Order Auctions Be Competitive?

Thomas Ernst¹, Chester Spatt², Jian Sun³

1: University of Maryland; 2: Carnegie Mellon University; 3: Singapore Management University

Financing Infrastructure in the Shadow of Expropriation

Viral Acharya¹, Cecilia Parlatore¹, Suresh Sundaresan²

1: New York University; 2: Columbia University

International Arbitrage Premia

Mirela Sandulescu¹, Paul Schneider²

1: University of Michigan; 2: USI Lugano & SFI

When Green Investors Are Green Consumers

Maxime Sauzet¹, Olivier David Zerbib²

1: Boston University; 2: EDHEC Business School

The Value of Privacy and the Choice of Limited Partners by Venture Capitalists

Rustam Abuzov¹, Will Gornall², Ilya Strebulaev³

1: University of Virginia; 2: University of British Columbia; 3: Graduate School of Business, Stanford University

Textual Analysis of Short-seller Research Reports: Dissecting Fraud, Cash-Flow News, and Investors' Underreaction

Jules H. van Binsbergen¹, Xiao Han², Alejandro Lopez-Lira³

1: University of Pennsylvania; 2: University of London; 3: University of Florida

Central Bank Balance Sheets and the Macroeconomy, 1587-2020

Paul Schmelzing^1,2, Moritz Schularick^3,4, Niall Ferguson², Martin Kornejew⁴

1: Boston College; 2: Hoover Institution, Stanford; 3: Sciences Po; 4: University Bonn

Getting the Banks on Board: Accounts Receivable Financing in the US

Jiaheng Yu

Massachusetts Institute of Technology

R&D, Expected Profitability, and Expected Returns

Amit Goyal¹, Sunil Wahal²

1: University of Lausanne; 2: Arizona State University

Less Is More

Bart Zhou Yueshen, Junyuan Zou

INSEAD

Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies

Daniel Garrett¹, Ivan Ivanov²

1: Wharton School, University of Pennsylvania; 2: FRB Chicago

Concealed Carry

Spencer Andrews¹, Riccardo Colacito¹, Mariano Massimiliano Croce², Federico Gavazzoni³

1: UNC; 2: Bocconi; 3: BI Norwegian Business School

Every emission you create–every dollar you’ll donate: The effect of regulation-induced pollution on corporate philanthropy

Seungho Choi¹, Jonghyeon Park², Simon Xu³

1: Queensland University of Technology; 2: University of Technology Sydney; 3: University of California at Berkeley

A Model of Informed Intermediation in the Market for Going Public

Aydogan Alti, Jonathan Cohn

University of Texas-Austin

Risk Momentum

Sophia Zhengzi Li¹, Peixuan Yuan², Guofu Zhou³

1: Rutgers University; 2: Renmin University of China; 3: WUSTL

Public Liquidity and Intermediated Liquidity

Ye Li

University of Washington

Asymmetric Information and Corporate Lending: Evidence from SME Bond Markets

Alessandra Iannamorelli¹, Stefano Nobili¹, Antonio Scalia¹, Luana Zaccaria²

1: Bank of Italy; 2: EIEF

Causal Effect of Information Costs on Asset Pricing Anomalies

Yong-Hyuck Kim¹, Zoran Ivkovich², Dmitriy Muravyev²

1: California State University Long Beach; 2: Michigan State University

Tiny Trades, Big Questions: Fractional Shares

Robert Bartlett¹, Justin Mccrary², Maureen O'Hara³

1: University of California Berkeley; 2: Columbia University; 3: Cornell University

Catering and Return Manipulation in Private Equity

Blake Jackson, David Ling, Andy Naranjo

University of Florida

Understanding the Strength of the Dollar

Zhengyang Jiang¹, Robert Richmond², Tony Zhang³

1: Northwestern Kellogg; 2: NYU Stern; 3: Federal Reserve Board

Imperfect Flood Insurance Enforcement and Business Misallocation

Xudong An¹, Yongheng Deng², Dayin Zhang²

1: Federal Reserve Bank of Philadelphia; 2: University of Wisconsin-Madison

The Adoption of Artificial Intelligence by Venture Capitalists

Maxime Bonelli

HEC Paris

Expert Network Calls

Shaojun Zhang¹, Sean Cao², Clifton Green³, Lijun Lei⁴

1: Ohio State University; 2: University of Maaryland; 3: Emory University; 4: University of North Carolina, Greensboro

Can the Fed Control Inflation? Stock Market Implications

Daniel Andrei¹, Michael Hasler²

1: McGill; 2: UT Dallas

Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation

Xiang Li

Boston College

The Statistical Limit of Arbitrage

Rui Da¹, Stefan Nagel², Dacheng Xiu³

1: University of Chicago; 2: University of Chicago; 3: University of Chicago

Supply Chain Risk: Changes in Supplier Composition and Vertical Integration

Nuri Ersahin¹, Mariassunta Giannetti², Ruidi Huang³

1: Michigan State University; 2: Stockholm School of Economics; 3: Southern Methodist University

Improving the Measurement of Tax Residence: Implications for Research on Corporate Taxation

Jean-Marie Meier, Jake Smith

University of Texas at Dallas

Internationalizing Like China

Christopher Clayton¹, Amanda Dos Santos², Matteo Maggiori³, Jesse Schreger²

1: Yale University; 2: Columbia University; 3: Stanford University

"There is No Planet B", but for Banks "There are Countries B to Z": Domestic Climate Policy and Cross-Border Lending

Emanuela Benincasa^1,3, Gazi Kabas², Steven Ongena^1,3

1: University of Zurich; 2: Tilburg University; 3: Swiss Finance Institute

The Evolution of the Market for Corporate Control

Mike Burkart¹, Samuel Lee², Paul Voss³

1: London School of Economics & Political Science; 2: Santa Clara University; 3: Central European University

See it, Say it, Shorted: Strategic Announcements in Short-Selling Campaigns

Jane Chen

London School of Economics

Stop Believing in Reserves

Sriya Anbil, Alyssa Anderson, Ethan Cohen, Romina Ruprecht

Federal Reserve Board

Too Many Managers: Strategic Use of Titles to Avoid Overtime Payments

Lauren Cohen¹, Umit Gurun², N. Bugra Ozel²

1: Harvard University; 2: University of Texas at Dallas

Anomalies and Their Short-Sale Costs

Dmitriy Muravyev¹, Neil D. Pearson², Joshua M. Pollet²

1: Michigan State University; 2: University of Illinois at Urbana-Champaign

The Value of Arbitrage

Eduardo Davila², Daniel Graves², Cecilia Parlatore¹

1: New York University; 2: Yale University

Borrowing choices of local governments and the term structure of interest rates

Davide Avino¹, Dennis De Widt²

1: University of Liverpool; 2: Cardiff University

Can Time-Varying Currency Risk Hedging Explain Exchange Rates?

Leonie Braeuer^1,2, Harald Hau^1,2,3

1: University of Geneva; 2: Swiss Finance Institute; 3: CEPR